Massey Shares Jump on Buyout Rumor

Shares of coal miner Massey Energy gained more than 11 percent Friday on a rumor of the possibility of a takeover offer from rival Alpha Natural Resources.

Massey Energy
Massey Energy

The Wall Street Journal reported Alpha Natural Resources was considering a buyout of the Richmond, Va. company.

The Journal said Massey hired investment bank Perella Weinberg as an advisor on Alpha's possible bid and will review its options at a board meeting later this month.

Alpha, based in Abingdon, Va., had no comment on the report. A spokesman for Massey, based in Richmond, Va., said he had no comment.

Massey shares closed at $46.94 Friday. Meanwhile, Alpha shares fell almost 3 percent.